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Weekly Market Updat
February 11th, 2009 1:49 PM
Take a quick look at the market indicators for the week.
 
LOOKING AHEAD
Economic
Indicator		 Release
Date and Time		 Consensus
Estimate		 Analysis
Trade Data Wednesday,
Feb. 11,
8:30 am, et		 $37 billion deficit Important. Affects the value of the dollar. A falling deficit may strengthen the dollar and lead to lower rates.
Weekly Jobless Claims Thursday,
Feb. 12,
8:30 am, et		 585,000 Moderately important. A measure of unemployment. An increase in jobless claims may bring lower rates.
Retail Sales Thursday,
Feb. 12,
8:30 am, et		 Down 0.3% Important. A measure of consumer demand. A smaller than expected increase may lead to lower mortgage rates.
Business Inventories Thursday,
Feb. 12,
10:00 am, et		 Down 0.6% Low importance. An indication of stored-up capacity. A significantly larger increase may lead to lower rates.
U of Michigan Consumer Sentiment Friday,
Feb. 13,
10:00 am, et		 61.5 Important. An indication of consumers' willingness to spend. Weakness may lead to lower mortgage rates.
Source: Email marketing information from Karen Smith, Regional Vice President, US Bank.

 

Posted by Julie Jennings on February 11th, 2009 1:49 PMPost a Comment (0)

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Latest IRS Stimulu Update for First Time Homebuyers
February 25th, 2009 7:32 PM

This information comes from the IRS.  For additional information or to verify this information visit www.irs.gov.

Issue Number:    IR-2009-014

Inside This Issue

Expanded Tax Break Available for 2009 First-Time Homebuyers 

WASHINGTON — The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.

“For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. “This important change gives qualifying homebuyers cash they do not have to pay back.”

The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.

This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.

The IRS also alerted taxpayers that the new law does not affect people who purchased a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who are claiming the credit on their 2008 tax returns, the maximum credit remains 10 percent of the purchase price, up to $7,500, or $3,750 for married individuals filing separately. In addition, the credit for these 2008 purchases must be repaid in 15 equal installments over 15 years, beginning with the 2010 tax year.

Posted by Julie Jennings on February 25th, 2009 7:32 PMPost a Comment (0)

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Stim News for Qualified Home Buyers
February 18th, 2009 5:39 PM
 «  Home Builders: 'Essentially No Improvement'
The Home Front by Alex Markels

First-Time Home Buyer Tax Credit: 6 Things to Know

February 17, 2009 06:19 PM ET | Luke Mullins | Permanent Link | Print

While the proposed $15,000 home-buyer tax credit died in negotiations between the House and the Senate, the $787 billion stimulus bill that President Barack Obama signed into law Tuesday includes a similar--albeit smaller--measure designed to help revive the real estate market. Here are six things you need to know about the freshly-enacted $8,000 first-time home buyer tax credit.

1. Eight grand, new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.

2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.

3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.

4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.

5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.

6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

Posted by Julie Jennings on February 18th, 2009 5:39 PMPost a Comment (0)

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State Tax Website
February 18th, 2009 5:16 PM
We may just have been given the best kept secret around!  According to the Morgan County Auditor you should check out the website courtesy of the state of Indiana.  It may just have the tax answers you're looking for.  Take a look for yourself and enjoy!  www.in.gov/dlgf/
Posted by Julie Jennings on February 18th, 2009 5:16 PMPost a Comment (0)

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Real Estate Today Radio Show
February 11th, 2009 5:29 PM

NAR Is Bring Real Estate to Radio

Don't miss this opportunity to listen to this informative radio program which will debut on February 14th.  Current real estate news and trends will be the focus of this new program sponsored by the National Association of Realtors.

Real Estate Today will air online at www.RETRadio.com – visit the site anytime after the premiere to listen to current or past programs.

Beginning on February 14, satellite radio subscribers can hear Real Estate Today on America's Talk, XM Channel 158, Saturdays 5-7 p.m. EST; Talk Radio, XM Channel 165, Saturdays 1-3 p.m. EST; and Stars, Sirius-XM Channel 102, Saturdays 6-8 a.m. and Sundays 9-11 a.m. EST.

Posted by Julie Jennings on February 11th, 2009 5:29 PMPost a Comment (0)

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